May 05, 2014
REDI Cincinnati visits Israel, attends MIXiii Conference
REDI Cincinnati Visits Israel for Foreign Attraction Efforts, attends MIXiii
REDI Cincinnati is traveling to Israel May 16-22 to meet with some of Israel’s leading organizations in the areas of technology, biomedical and pharmaceuticals, education, startups, and venture capital. This will be just one of several trips REDI Cincinnati has taken to meet with companies expanding into the U.S. to learn about the advantages of establishing a presence in Cincinnati as their first entry into the U.S. market.
While in Israel, the REDI Cincinnati delegation will also attend Tel Aviv's MIXiii conference, the first innovation conference in the world of its kind where biomed and high-tech will converge.
The knowledge that Israel is a prime country to target with a foreign direct investment strategy to bring the latest technologies, coupled with the cache of being highly innovative and nimble, is not new to REDI Cincinnati. Over the past 24 months the REDI team has been ramping up activity in high gear to help open doors to building the relationships imperative to its success. “Israel is one of the fastest-growing and most dynamic entrepreneurial countries in the world,” said Johnna Reeder, REDI Cincinnati’s President & CEO. “For that reason, they are exploring the many attributes Cincinnati offers them as their central point of operations for expanding to the U.S. Exchanges between leaders from both countries have been frequent in recent years, and many Cincinnati companies already have strong customer and strategic relationships in Israel. This visit will continue to strengthen those connections and foster creativity and innovation.”
Equally as significant, Israel and Cincinnati share mutual strengths in high-tech manufacturing, life sciences, digital technology and water technology, and have already established key relationships that further encourage economic development and innovation, including:
- P&G (headquartered in Cincinnati) operates the Israel House of Innovation in Tel Aviv
- Cincinnati Children’s Hospital Medical Center recently announced a collaboration with Ben-Gurion University to develop pediatric-specific medical devices and has successfully collaborated with various other healthcare institutions in Israel
- Standard Textile, headquartered in Greater Cincinnati, has an Israeli subsidiary, Arad Textiles
- Teva’s Women’s Health, Inc., a brand division of Teva Pharmaceuticals, Inc., has a manufacturing plant in Cincinnati
- The Cincinnati USA Regional Chamber (5th largest chamber in the U.S.) is currently a partner with the Federation of Israeli Chambers of Commerce
- The Jewish Foundation of Cincinnati is funding efforts to strengthen Israel’s venture capital (VC) connection with Cincinnati by investing in Cintrifuse, Cincinnati’s $51M fund to funds. Cintrifuse’s developing network of 12 U.S. VC investments will total $1.5 billion in capital under management by the end of 2015. Israel is currently the only marketplace in which they are evaluating an international VC investment.
- The Jewish Federation of Cincinnati has a sister-city relationship with Netanya, Israel, which will host a reception for the REDI delegation during their visit on May 19.
Additionally, in tandem with the REDI Cincinnati visit, MBA Professor Art Shriberg with Xavier University and graduate students of his course “Doing Business in Israel” will be in Tel Aviv (for the second consecutive year), where the students will be required to write business plans and have the opportunity to meet one-on-one with some of the country’s most innovative companies. The topic of their business plans is “how they would bring business from the U.S. to Israel” and vice versa.
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